Eurora receives USD 40 mln to prevent ecommerce shipping delays

Tuesday 3 May 2022 10:00 CET | News

Estonia-based compliance platform Eurora has secured USD 40 million in funding for geographical expansion in the UK, US, and the Middle East.

In July 2021, the EU ended the EUR 22 import VAT exemption, and new trading regulations between the EU and the rest of the world gradually came into effect. This was aimed to create a level playing field with local European manufacturers and retailers. 

Complying with this new regulation in the high volume, low value-per-package ecommerce market has been a challenge for merchants and logistics operators from the UK, US, China, and the rest of the world. These players are looking for software-based solutions that can help handle the cross-border packages affected by this new EU regulation. Solutions with a high degree of accuracy, speed, and at a low cost per package are required, according to the press release.

Taking up the challenge to address the issue, cross-border ecommerce compliance platform Eurora Solutions has raised USD 40 million in funding. The new funding will be used for geographical expansion in the UK, US, and the Middle East, where rapid and high growth in the sector is expected. It will also be used to boost product development and potential add-on acquisitions.

The startup’s proprietary AI/ML-based platform automates tax, compliance, and customs services. It assigns ecommerce products an appropriate HS code, calculates the applicable VAT and duty amounts, and automatically creates electronic declarations for EU duties and taxes via API integration.

The B2B platform can be used by online sellers, marketplaces, logistics and postal companies, as well as tax and customs authorities. 

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Keywords: ecommerce, compliance, cross-border ecommerce, artificial intelligence, machine learning
Categories: Payments & Commerce
Companies: Eurora Solutions
Countries: World
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Payments & Commerce

Eurora Solutions

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